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    Central American Development Bank commits $800 million toward the fuel relief effort

    Central American Development Bank commits $800 million toward the fuel relief effort

    A New 500-MW Supercritical Coal-Fired Power Plant Going into Operationa in Philippines

    EU Reduces Plans of Fossil-Fueled Electricity By One-Third

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    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

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    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    TotalEnergies starts up its fourth solar power plant in Japan

    ACCIONA Wind Energy

    ACCIONA Energia to supply 100% renewable energy to Grupo Violas in Portugal

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    Fermi Energia Selects GE Hitachi Nuclear Energy BWRX-300 Small Modular Reactor for Deployment in Estonia

    Atlas and Hitachi to develop energy storage systems for renewable projects

    Nine New Countries Sign Up for Global Offshore Wind Alliance at COP27 in Sharm El-Sheikh

    SolarDuck to build 5MW floating solar demonstrator integrated with offshore wind farm

    United Kingdom Onshore Wind Generation Has Now Reached 37GW

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Only 14% of Asian Bank Financing Goes To Renewable Energy

in News, Renewable Power

According to a survey, the proportion of renewable energy in Asian banks’ energy finance has remained low over the last six years, at just 14%, with no obvious rising trend.

As of September 2022, only 21% of all pending energy investments by financiers in the region were for renewable energy projects, according to a report by Fair Finance Asia and the Stockholm Environment Institute.

Bernadette Victorio, Program Lead, FFA, stated that the findings from their new analysis demonstrate that no significant shift in energy financing and investments across Asia is leading to neither a just nor any genuine transition since the Paris Agreement.

Funding decisions that support continued fossil fuel finance, along with unambitious plans by Asian countries to reach net-zero emissions, prevent Asia from achieving the 1.5 degree Celsius objective. FFA calls on the financial sector and leaders in Asia to swiftly establish and put into effect policies that would enable a true transition from fossil fuels to renewable energy sources while safeguarding the rights and well-being of the most disadvantaged communities.

The analysis evaluated 13 Asian markets, including China, Malaysia, Singapore, South Korea, Thailand, Vietnam, Bangladesh, Indonesia, India,  Japan, Pakistan, as well as the Philippines.

It was discovered that more than half of the respondents from the 13 main markets rely on fossil fuels for at least 80% of their power generation and that, on average, respondents from these markets rely on coal, oil, and natural gas to supply 77% of their energy demands.

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